2022 Audit

The Borough of Surf City's audit report for the year ended December 31, 2022, includes financial statements of various funds and account groups, prepared on a regulatory basis as required by the State of New Jersey. The audit expresses an unmodified opinion on the regulatory basis financial statements but an adverse opinion on U.S. Generally Accepted Accounting Principles (GAAP) due to material variances between the regulatory basis and GAAP. The report also covers internal controls and compliance with laws, regulations, contracts, and grant agreements. The auditor's report, dated September 27, 2023, identifies a material weakness related to the maintenance of the general ledger.